Plans include 50-acre “Cannabis Campus”
Mountain High Acquisitions Corp., is a strategic real estate holding company whose primary focus is the acquisition and development of commercial properties in the “marijuana sector” and has plans for properties in Denver, Boulder County, and a rural property near Pueblo.
“We are extremely pleased to have progressed to complete this milestone,” says Mr. Alan Smith, President of Mountain High Acquisitions Corp. “With this first phase of our property acquisition strategy now secured, we will move forward with our plans to further develop and maximize potential revenue streams from each of our portfolio properties. Additionally, the Company will continue review potential properties in the cannabis sector for future acquisition.”
One property consists of nine acres with improvements. It has been one of the largest greenhouse marijuana grow facilities in the state, with a total of 42,000 square feet, or approximately one acre under roof. The current operation at the property can produce in excess of 5,000 lbs. of up to 50 specific strains of marijuana for medical use over approximately 10 separate harvests. Mountain High expects to generate in excess of $2.5 million in net annualized revenue from this property in its current configuration without significant leasehold improvements or expansion. In addition to lease revenues from the property Mountain High anticipates generating additional complementary revenue streams.
The second property is a 28,000 square foot, highly-reinforced building that was previously used for storage of fracking sand and grain. Now zoned for commercial marijuana cultivation, Mountain High intends to fully develop this property to house up to 200 specialized grow pods designed to be leased to licensed growers for highly specialized medical marijuana cultivation. At full capacity, 200 pods are estimated to represent approximately $8.4 million in annually lease revenues at current market rates.
The third, rural property is located on 90 acres of raw land surrounded by a former U.S. Army ammunition storage and supply facility and now zoned and approved to become one of the largest single locations for commercial marijuana cultivation in the State. Once the required infrastructure of roads, electrical, and water hookups is in place, the Company intends to develop the land into 10 or more distinctive 5 acre plots, collectively comprising a “Cannabis Campus.” Each five-acre plot will provide the licensed grower with access to all required commercial growing facilities, including greenhouses, hydroponics, laboratories, kitchens, and outdoors grow operations.
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